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Registered number: 13342015









SOUTH EASTERN TANKER SERVICES GROUP LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
SOUTH EASTERN TANKER SERVICES GROUP LIMITED
REGISTERED NUMBER: 13342015

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
3,225,806
3,225,806

Current assets
  

Debtors: amounts falling due within one year
 5 
353,744
275,669

Cash at bank and in hand
 6 
36
36

  
353,780
275,705

Creditors: amounts falling due within one year
 7 
(106,520)
(94,095)

Net current assets
  
 
 
247,260
 
 
181,610

Total assets less current liabilities
  
3,473,066
3,407,416

Creditors: amounts falling due after more than one year
 8 
(726,209)
(815,394)

  

Net assets
  
2,746,857
2,592,022


Capital and reserves
  

Called up share capital 
 10 
105
105

Share premium account
  
2,225,737
2,225,737

Profit and loss account
  
521,015
366,180

  
2,746,857
2,592,022


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 February 2024.



G Waddilove
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
SOUTH EASTERN TANKER SERVICES GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

South Eastern Tanker Services Group Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Breach Lane, Dagenham, Essex, RM9 6EG. The principal activity of the company is that of a holding comany.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 2

 
SOUTH EASTERN TANKER SERVICES GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2022
3,225,806



At 31 July 2023
3,225,806





5.


Debtors

2023
2022
£
£


Other debtors
353,744
275,669



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
36
36



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
106,520
94,095

106,520
94,095


Page 3

 
SOUTH EASTERN TANKER SERVICES GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
726,209
815,394



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
106,520
94,095

Amounts falling due 1-2 years

Bank loans
98,240
97,354

Amounts falling due 2-5 years

Bank loans
381,860
312,767

Amounts falling due after more than 5 years

Bank loans
246,109
405,273

832,729
909,489


Bank loans amounting to £832,729 (2022 - £909,489)  as at 31 July 2023 are secured by fixed and floating charges over all assets of the company. This security is guaranteed by fellow group undertaking South Eastern Tanker Services Limited.

Page 4

 
SOUTH EASTERN TANKER SERVICES GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £0.01 each
100
100
527 (2022 - 527) Ordinary A shares of £0.01 each
5
5

105

105



11.


Related party transactions

Included in other debtors is an amount owed by the directors totalling £353,744 (2022 - £275,669). This was repaid within nine months of the year end.
The directors have interest in dividends voted during the year totalling £374,417 
(2022 - £145,057).


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2023 was unqualified.

The audit report was signed on 15 February 2024 by Duncan Stannett (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 5